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Finance Act, 1994

Alteration of rates of income tax.

2.—(1) Section 2 of the Finance Act, 1991 , is hereby amended, as respects the year of assessment 1994-95 and subsequent years of assessment, by the substitution of the following Table for the Table to that section:

“TABLE

PART I

Part of taxable income

Rate of tax

Description of rate

(1)

(2)

(3)

The first £8,200

27 per cent.

the standard rate

The remainder

48 per cent.

the higher rate

PART II

Part of taxable income

Rate of tax

Description of rate

(1)

(2)

(3)

The first £16,400

27 per cent.

the standard rate

The remainder

48 per cent.

the higher rate

”.

(2) (a) The First Schedule to the Finance Act, 1993 , is hereby amended, in paragraph 1 of Part I, by the substitution of the following definition for the definition of “higher rate”:

“‘higher rate’, in relation to tax, means the rate of tax, known by that description, provided for in section 2 of the Finance Act, 1991 ;”.

(b) Paragraph (a) shall be deemed to have come into force and shall take effect as on and from the 6th day of April, 1993.